ASX 200 midday update: EML crashes, Flight Centre jumps on guidance upgrade

A share market analyst looks at various computer screens in front of him showing stock price movements

A share market analyst looks at various computer screens in front of him showing stock price movements

At lunch on Monday, the S&P/ASX 200 Index (ASX: XJO) has given back its early gains and dropped into the red. The benchmark index is currently down 0.2% to 6,776.6 points.

Here’s what is happening on the ASX 200 today:

EML crashes on Ireland update

The EML Payments Ltd (ASX: EML) share price is crashing deep into the red on Monday. This follows news that the Central Bank of Ireland has not approved the company’s remediation programme for its European operations. The bank identified “shortcomings” in components of the programme, principally the sequencing and approach taken to the risk assessment of its distributors, corporates and customers.

Flight Centre upgrades guidance

The Flight Centre Travel Group Ltd (ASX: FLT) share price is having a strong day thanks to a guidance upgrade from the travel agent. The company revealed that a strong finish to the financial year means that it expects a lower operating loss than previously guided to. Flight Centre expects to record an underlying EBITDA loss of between $180 million and $190 million in FY 2022. This is an 11.9% improvement on the mid-point of the company’s initial FY 2022 guidance.

South32 shares higher on quarterly update

The South32 Ltd (ASX: S32) share price is pushing higher today following the release of a solid production update from the mining giant. Among the highlights were Alumina production up 3% quarter on quarter to 1,361kt and aluminium production up 5% to 255kt. South32 also revealed that it expects to achieve its operating cost guidance for most commodities in FY 2022.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Monday has been the Flight Centre share price with a 5.5% gain. This follows the travel agent’s guidance update. Going the other way, the EML share price has been the worst performer by some distance on Monday. The embattled payments company’s shares are down 20% at lunch following its Ireland update.

The post ASX 200 midday update: EML crashes, Flight Centre jumps on guidance upgrade appeared first on The Motley Fool Australia.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.* Scott just revealed what he believes could be the “five best ASX stocks” for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now

See The 5 Stocks
*Returns as of July 7 2022

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}

setButtonColorDefaults(“#43B02A”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#43B02A”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended EML Payments. The Motley Fool Australia has positions in and has recommended EML Payments. The Motley Fool Australia has recommended Flight Centre Travel Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

from The Motley Fool Australia https://ift.tt/nPMzWSU

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s